Makes perfect sense! Brown's book in the section on rehinging uses a similar technique with a piece of old shotgun barrel.....cut off a small section, cut it in half: a crescent, peen it in and silver solder! The geometry of the lumps and bites: maybe they follow a geometric pattern......or, just what works! As you point out, the front of the rear bite is the only circle.
Drilled the first hole 3/16" as a start. I'll work up to the 11/32d's which will then need to be reamed the final few thousands. Not having brazed the lumps as yet will allow me to have a little play, though the center of the hinge to the rear of the back lump is fixed....if that makes sense?
Finished stripping the action.....does it need some cleaning!